Wednesday, March 10, 2010

Soybean futures in the U.S. posted gains today after a weak open, as government estimates of soybean ending stocks in the U.S. were adjusted downward.

The other factor was an increase in crude oil prices, which had a upward effect on soybean futures prices as the day went on.

May soybeans at the Chicago Board of Trade hit a session high of $9.64-1/4 per bushel, increasing 16-3/4 cents or 1.8 percent. The market also pushed through major technical resistance, pushiing past the 20-day moving average of $9.55-1/2.